Garmin Ltd. (NYSE:GRMN) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue cut its stake in Garmin Ltd. (NYSE:GRMN) by 30.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 29,757 shares of the scientific and technical instruments company’s stock after selling 12,810 shares during the quarter. State of Alaska Department of Revenue’s holdings in Garmin were worth $5,237,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of GRMN. Select Equity Group L.P. raised its stake in shares of Garmin by 0.6% during the 2nd quarter. Select Equity Group L.P. now owns 2,006,563 shares of the scientific and technical instruments company’s stock worth $326,909,000 after buying an additional 11,666 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Garmin by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,735,623 shares of the scientific and technical instruments company’s stock worth $282,761,000 after acquiring an additional 13,968 shares during the last quarter. Boston Partners lifted its holdings in shares of Garmin by 4.3% in the first quarter. Boston Partners now owns 1,416,130 shares of the scientific and technical instruments company’s stock valued at $210,799,000 after purchasing an additional 58,343 shares in the last quarter. Marshall Wace LLP grew its position in shares of Garmin by 34.0% in the second quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock valued at $178,958,000 after purchasing an additional 278,990 shares during the last quarter. Finally, Captrust Financial Advisors increased its stake in shares of Garmin by 20.2% during the 1st quarter. Captrust Financial Advisors now owns 839,537 shares of the scientific and technical instruments company’s stock worth $124,982,000 after purchasing an additional 141,001 shares in the last quarter. 73.41% of the stock is currently owned by institutional investors and hedge funds.

Garmin Trading Down 0.0 %

Shares of NYSE:GRMN opened at $166.27 on Wednesday. The firm has a market cap of $31.94 billion, a price-to-earnings ratio of 23.45, a PEG ratio of 2.81 and a beta of 0.99. The stock’s 50-day moving average price is $172.91 and its two-hundred day moving average price is $166.75. Garmin Ltd. has a 12-month low of $99.99 and a 12-month high of $184.42.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.18. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.42 billion. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The business’s quarterly revenue was up 14.3% on a year-over-year basis. During the same period last year, the company posted $1.45 EPS. As a group, research analysts forecast that Garmin Ltd. will post 6.08 earnings per share for the current fiscal year.

Insider Transactions at Garmin

In related news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the transaction, the insider now owns 40,965 shares in the company, valued at approximately $7,257,359.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the transaction, the insider now owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the sale, the director now directly owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,892 shares of company stock worth $2,296,174. 19.54% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

GRMN has been the topic of a number of recent research reports. Barclays lowered Garmin from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $181.00 to $133.00 in a research note on Friday, September 13th. Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $155.00 to $138.00 in a research report on Monday, October 7th. Tigress Financial lifted their price objective on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. Finally, StockNews.com lowered shares of Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $158.50.

Garmin Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.